-Caveat Lector-
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Today's Lesson From Friedrich Nietzsche
by H. L. Mencken
Every man is either a master or a slave, and the same is true of every
race. Either it rules some other race or it is itself ruled by some
other race. It is utterly impossible to think of a man or of a people as
being utterly isolated, and even were this last possible, it is obvious
that the community would be divided into those who ruled and those who
obeyed. The masters are strong and capable of doing as they please; the
slaves are weak and must obtain whatever rights they crave by deceiving,
cajoling or collectively intimidating their masters. Now, since all
moral codes, as we have seen, are merely collections of the rules laid
down by some definite group of human beings for their comfort and
protection, it is evident that the morality of the master class has for
its main object the preservation of the authority and kingship of that
class, while the morality of the slave class seeks to make slavery as
bearable as possible and to exalt and dignify those things in which the
slave can hope to become the apparent equal or superior of his master.
The civilization which existed in Europe before the dawn of Christianity
was a culture based upon master-morality, and so we find that the
theologians and moralists of those days esteemed a certain action as
right only when it plainly subserved the best interests of strong,
resourceful men. The ideal man of that time was not a meek and lowly
sufferer, bearing his cross uncomplainingly, but an alert, proud and
combative being who knew his rights and dared maintain them. In
consequence we find that in many ancient languages, the words "good" and
"aristocratic" were synonymous. Whatever served to make a man a
nobleman--cunning, wealth, physical strength, eagerness to resent and
punish injuries--was considered virtuous, praiseworthy and moral, and on
the other hand, whatever tended to make a man sink to the level of the
great masses--humility, lack of ambition, modest desires, lavish
liberality and a spirit of ready forgiveness--was regarded as immoral
and wrong.
=====
The Spy Business
CIA Begins Recruiting on the Internet
"If you can find our web site, you're hired."
THE Central Intelligence Agency is advertising on the Internet for new
spies as part of its biggest recruitment drive.
It is seeking agents to meet the challenges of the new Millennium, the
official in charge of covert activities was quoted yesterday as saying.
Jack Downing, who is retiring after 30 years at the CIA, also disclosed
that he had called on retired agents to help out in recent crises, such
as the Kosovo conflict, and had recently re-introduced parachute
training for all recruits.
Mr Downing's enthusiastic retreat to the traditional values of espionage
follows years of neglect of the CIA by Congress. The covert operations
branch has been particularly starved of funds. The end of the Cold War
has meant that spying on other major powers has been sidelined in favour
of deploying the CIA against terrorism, drugs and the proliferation of
weapons of mass destruction.
"There was a lot of resentment," Mr Downing told the Washington Post.
"We were being victimised for our role in the past and so there was a
reluctance to take risks." But change has come about under the new
director, George Tenet, and Mr Downing has found a sympathetic ear in
Congress from Porter Goss, chairman of the House of Representatives
intelligence committee.
�Andrew Gimson in Berlin writes: Two Germans suspected of spying for
Russia were arrested yesterday, one allegedly "caught in the act" as he
boarded a flight from Hanover to Moscow. Secret military documents were
found in his luggage, it was claimed.
The London Telegraph, July 30, 1999
What the Meaning of Is Is
Clinton's Lewinsky Lies Cost Him $90,000
The Chinese have already delivered the cash.
PRESIDENT CLINTON was ordered by a federal judge yesterday to pay more
than $90,000 (�56,000) over his false statements about his relationship
with Monica Lewinsky.
The order was made by Judge Susan Webber Wright, who had found him in
contempt in April over the false testimony given in the Paula Jones
sexual-harassment case. Mr Clinton has already paid Mrs Jones $850,000
(�530,000) in settlement of her claim, although he has denied any
wrongdoing. Judge Webber Wright said the President had shown a "wilful
refusal" to tell the truth and had given "false, misleading and evasive
answers . . . designed to obstruct the judicial process".
In her latest ruling, the judge said she was ordering the costs of
lawyers to be paid so that Mrs Jones would not be left with the bill,
and to act as a deterrent to "others who might consider emulating the
President's misconduct". Mr Clinton will have to pay $89,484 costs to
Mrs Jones's lawyers, Campbell, Fisher and Pike, who are based in Dallas,
Texas. The judge also ordered him to pay her court $1,202 to cover the
costs of her trip to Washington for deposition hearings in 1998.
Mr Clinton's aides said they would not appeal. They were relieved at the
size of the order, having feared a much larger, punitive fine from the
judge. Mrs Jones's lawyers had originally claimed almost $500,000 in
costs from Mr Clinton, but Judge Webber Wright called this excessive and
said it must be reduced.
The Paula Jones case centred on her claims that Mr Clinton made sexual
advances in a hotel room in Little Rock, Arkansas, in 1991, while she
was an employee of the state and he was its governor. In gathering
evidence to pursue her case, Mrs Jones's lawyers obtained sworn evidence
from him in January 1998 about other alleged sexual liaisons. This
included a denial that he had had sexual relations with Miss Lewinsky.
Mr Clinton was forced to admit the affair after his DNA was found in a
semen stain on a dress belonging to the former White House intern. His
attempt to deceive a federal grand jury gave rise to the President's
impeachment, although the Senate voted against removing him from office
earlier this year.
Mr Clinton said the relationship had not fallen under the definition of
"sexual relations" provided by Mrs Jones's lawyers during his
deposition, and that his testimony was legally accurate. The judge wrote
in her contempt ruling: "It is difficult to construe the President's
sworn statements . . . as anything other than a wilful refusal to obey
this court's discovery orders."
The London Telegraph, July 30, 1999
The Mass Mind of the Market
Irate Investor Kills 12 After Shares Plummet
Clinton Swiftly Moves to Ban Market Down Days
AN irate investor shot dead at least nine people in stockbrokers'
offices in Atlanta, Georgia, last night after killing his wife and two
children. Hours later he was cornered by police 30 miles from the city
in his green getaway van and shot himself.
Mark Barton, 44, a chemist, had gone on the rampage with two
large-calibre handguns after apparently losing money on the Internet. A
witness said he told the brokers as he walked in wearing shorts: "I hope
this doesn't ruin your trading day." He then opened fire. Twelve other
people were injured, seven with gunshot wounds and the others as they
tried to escape.
Mayor Bill Campbell, of Atlanta, said that Barton had been involved in
day-trading, a form of stockbroking in which self-taught investors buy
and sell stocks and shares on the Internet. The shooting, the latest in
a long series of mass killings in America, coincided with a sharp drop
on the New York stock exchange.
Police said that Barton's family were found dead in a flat in the suburb
of Stockbridge, about 15 miles south of the city, by people hoping to
rent the property. A note had been left at the scene. Police believe
that the killings could have taken place several days ago.
Barton was said to have no criminal record. But six years ago his former
wife Debra and her mother, Eloise Spivey, were found hacked to death at
a camping site in Alabama. Two months before the deaths he had taken out
a �400,000 life insurance policy on Debra, to whom he had been married
for 15 years.
Despite strong suspicions by the police, he was never charged and took
custody of their children, Matthew, now 10, and eight-year-old Shelly.
The scene of yesterday's shootings was an office complex called the
Georgia Security Centre in the Buckhead financial district of Atlanta.
First Barton, 6ft 4in tall, walked into the offices of Alltech
Investments at 3500 Piedmont Road, where he shot four people.
Mayor Campbell said: "Witnesses said those who have identified Mr Barton
say that he went in, was standing around and then saw the market going
down and started shooting. "We have no idea that he had even sustained
losses. We have been told that he had fairly substantial swings up and
down in his day-trading."
Police with guns drawn escorted terrified workers out floor by floor as
they scoured the building for the killer. Dozens of ambulances pulled up
outside the building and hospitals were put on the highest alert.
Witnesses described seeing bodies on the floor of offices and paramedics
giving assistance to badly injured people lying in pools of blood.
Harvey Houtkin, the chief executive of Alltech Investments, said that
Barton shot the office manager and secretary at point-blank range. Mr
Houtkin, who is based in New Jersey, said that he had been speaking on
the telephone to a customer who had been in the office at the time of
the shooting.
"I was told this guy was just shooting at people as they were sitting
there. I am having a hard time coming to grips with what's happening
here. You normally just hear it on the news. I was told he had gone into
an office and there were sounds of the argument. The door of that office
flew open, this man came out and went on a shooting spree around the
rest of the office. Dealing with the stock market is hard enough, but
this is something else."
John Cabrer, who works in an office next door, told an Atlanta
television station saw three people who appeared to be dead and four
others who were wounded. "I tried to revive one of them, but then I
realised he was gone, so I went to the man who was still conscious on
the floor and I called his wife for him."
After the first killings, Barton ran across the road to number 3525
Piedmont, the offices of Momentum Securities Inc, which claims to be the
largest electronic day trading operator in America. He was still
carrying both guns.
Charles Carter, who also works in a nearby office, said he saw a
middle-aged man lying on his side with blood streaming from a wound in
his side. "There were paramedics tending other people on the ground, but
they weren't looking at him, so I suppose that they figured he was
already past helping."
Another witness, Chris Carter, said that as police escorted him out, he
saw a man's body on the floor. "They weren't attending to him, which led
me to believe he was dead." Scott Belazi, who works on the third floor
of the building, said: "The police got us out of there. We saw a bunch
of blood in the leasing office." Early today several of the wounded were
critical.
Last month a psychiatrist in Michigan was killed by his former patient,
who also shot a 45-year-old woman and injured four other people. He
killed himself. In April a 71-year-old man raked the first floor of the
Mormon history library in Salt Lake City with a .22 pistol, killing two
people before police shot him.
Three months earlier one person was killed and another wounded when a
man walked into a Salt Lake City office with a grocery sack of bullets
and fired.
The London Telegraph, July 30, 1999
US Stock Market
Share Prices Fall Over GDP, Employment Data
"The fundamentals are great. That's why the market is going down."
NEW YORK - U.S. economic growth slowed in the second quarter while wages
shot higher, government reports revealed Thursday, a noxious combination
for the stock and bond markets, which dropped sharply.
Both reports surprised analysts. Economic growth had been forecast at
about 3.5 percent, but the Commerce Department said the gross domestic
product expanded by just 2.3 percent in the March-to-June quarter. More
important for investors, the employment cost index, a measure of
salaries and benefits, rose far more than expected, 1.1 percent instead
of the 0.8 percent the market had been looking for.
The latter number is known to be an important indicator for the Federal
Reserve Board, and the unexpectedly large gain has sharply increased the
chances that the central bank's policy-setting Open Market Committee
will push interest rates higher at its Aug. 24 meeting. Bond prices
slumped, raising the yield on the 30-year Treasury issue to 6.07 percent
from 6.01 percent on Wednesday.
Bonds were even lower before investors were forced to turn to the
fixed-income market as they fled stocks, according to Anthony Dwyer,
chief market strategist at Ladenburg, Thalmann & Co.
The Dow Jones industrial average fell 1.65 percent, losing 180.78 points
and closing at 10,791.29. The Nasdaq Composite Index fell 2.43 percent,
and European exchanges, which were still open when the news was
released, also dropped between 1.8 percent and 3.4 percent. The Mexican
Bolsa Index fell nearly 4 percent.
Kevin Logan, chief market economist at Dresdner Kleinwort Benson, said
the data gave the Fed every reason to push rates higher. The central
bank, he said, is going to ''take back some of the rate cuts put in
place last fall. The economy has rebounded, it seems that interest rates
were too low for the recent rate of growth.''
Mr. Logan said the weak GDP report would not sway the Fed. ''The main
reason why the GDP number came in lower than expected,'' he said, ''had
to do with inventory accumulation.'' He had expected stockpiles of goods
to rise by $40 billion in the quarter, but the actual level was just $19
billion, and that difference accounted for 1 percentage point of GDP
growth.
''A slowdown in inventory accumulation is probably not going to
persist,'' he continued. ''We see stronger data in the third quarter.''
Indeed, even the second-quarter data are subject to revision in coming
months, he added.
Mr. Logan noted that when inventories were stripped out, domestic demand
was up about 4 percent, significantly above the 3 percent rate that Alan
Greenspan, the Fed chairman, has suggested as the appropriate level for
noninflationary growth of the overall economy.
Although some analysts maintained that a Fed tightening in August was
not a foregone conclusion, Mr. Dwyer of Ladenburg, Thalmann disagreed,
noting that Mr. Greenspan had warned Congress as recently as Wednesday
that any sign of inflation would be met with a rise in interest rates.
''I think the labor pressures are mounting,'' Mr. Dwyer said, ''and
Greenspan's commentary indicated that if there was a hint of inflation,
he would stand ready to act.''
Mr. Dwyer said stocks were due to take a break from their five-year
ascent. ''Valuations are at their highest levels ever,'' he said. ''The
Nasdaq is up 23 percent this year; do you think it is going to be up 40
percent?''
The stocks in the Standard & Poor's 500 index are trading at about 32
times corporate earnings, roughly double the historical average. Mr.
Dwyer said stocks would have to hover around their current levels for
six to nine months while earnings grew, or the market would have to
suffer a sharp correction, to bring prices back into line with profits.
In the latter case, he added, the Dow industrials could fall to 9,500
before hitting reasonable valuation levels. Nonetheless, the long-term
picture is good, he said, adding, ''The fundamentals are great, they
have been great and they are going to continue to be great.''
The Nasdaq bore the brunt of the selling Thursday, falling 65.83 points
to 2,640.01. The big high-tech companies were among the volume leaders,
with Intel, Microsoft, MCI Worldcom, Dell and Cisco all lower, although
Oracle moved slightly higher after being reiterated a ''strong buy'' at
Prudential Securities.
Waste Management was the most-active New York Stock Exchange issue,
plummeting 5 7/16 to 26 after it announced that its earnings would not
meet diminished expectations and that its chief financial officer had
resigned.
Intenational Herald Tribune, July 30, 1999
-----
Aloha, He'Ping,
Om, Shalom, Salaam.
Em Hotep, Peace Be,
Omnia Bona Bonis,
All My Relations.
Adieu, Adios, Aloha.
Amen.
Roads End
Kris
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Let us please be civil and as always, Caveat Lector.
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